Forex Crunch Forex Daily Outlook – October 5th 2009

Forex Daily Outlook – October 5th 2009

Posted: 05 Oct 2009 01:37 AM PDT

The new week began with dollar weakness. The Aussie is making the most of it. There are a few interesting indicators today, with the American Non-Manufacturing PMI standing out. Let’s review them:

The Australian dollar gained against the greenback on good data: the AIG Services Index rose from 48 to 49.3 points. The more important figure, ANZ Job Advertisements, went up for the second month in a row, this time by 4.1%.

The Aussie was also fueled by rumors of a rate hike this week. For more on the Australian dollar, read the AUD/USD Outlook.

In Europe, the Sentix Investor Confidence survey rose from -14.6 to -12.6 points, a little less than expectations. Later in Europe, Retail Sales are expected to fall by 0.4%, half of last month’s drop.

For more on this week in the Euro, read my EUR/USD Outlook. For a deep technical analysis, check out Casey Stubbs’ post.

British Services PMI rose nicely from 54.1 to 55.3. This exceeded expectations. Will it help the suffering British Pound? For more on cable, read the GBP/USD Outlook.

American ISM Non-Manufacturing PMI is expected to finally reach the critical balance point of 50 points. If this happens, it means that purchasing managers aren’t expecting contraction anymore.

In New Zealand, the NZIER Business Confidence is expected to show that businesses in are less pessimistic than in the previous quarter.

That’s it for today. There’s more to come in the following days. Check out the Forex Weekly Outlook.